Crane to separate into 2 publicly traded companies, Crane Co. and Crane NXT

Crane Co. announced Wednesday plans to separate into two independent publicly traded companies, as it aims to unlock shareholder value and accelerate growth. The industrial products manufacturer's stock was still inactive in premarket trading. After the separation, which is expected to be completed within 12 months, Crane Co. will include the Aerospace & Electronics and Process Flow Technologies businesses, which generated about $1.9 billion in annual revenue, or roughly 60% of 2021 revenue of $3.18 billion, and will be led by current Chief Executive Max Mitchell; Crane NXT will include the Payment and Merchandising Technologies business, which is expected to generate $1.4 billion in sales. A search is underway for a CEO for Crane NXT. After the separation, Crane Co. is expected to continue to list on the NYSE under the ticker CR and Crane NXT is expected to list on the NYSE under the ticker symbol "CXT." "Having achieved the scale to operate as two market-leading, separate companies, we believe this transaction will unlock substantial value for our shareholders, as each company attracts an investor base tailored to its respective financial and growth profile," said Crane CEO Mitchell. Crane's stock has rallied 8.3% year to date while the S&P 500 has slipped 2.8%.

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